Gold and silver futures were trading with cuts in Tuesday’s trade on domestic bourses amid stronger rupee and rising concerns over the fast-spreading coronavirus in China.
The epidemic has taken 106 lives and has spread to more than 10 countries, including France, Japan and the United States. No deaths have been reported outside of China so far.
MCX Gold futures were down 0.12 per cent to Rs 40,537, while silver futures slipped 0.26 per cent to Rs 46,885.
Bullion counters may trade sideways, said brokerage SMC Global. “Gold can move higher towards Rs 40,800 while taking support near Rs 40,450, while silver can test Rs 47,300 while taking support near Rs 46,700,” it added.
Globally, gold prices were little changed as rising concerns over the fast-spreading coronavirus in China and its economic impact offset a firmer dollar.
Spot gold was unchanged at $1,581.09 per ounce by 0140 GMT. On Monday, prices rose to their highest since Jan. 8 at $1,586.42. US gold futures rose 0.2 per cent to $1,580.90.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.13 per cent to 899.41 tonnes on Monday.
Palladium advanced 0.6 per cent to $2,282.29 an ounce, having declined to its lowest at $2,258.92 in the previous session. Silver was flat at $18.09, while platinum rose 0.5 per cent to $988.31.
Meanshile, Barrick Gold will start to ship gold worth up to $280 million from Tanzania, Chief Executive Officer Mark Bristow said on Monday, after the government lifted an export ban following the resolution of a three-year tax dispute.
Source: Economic Times
